What Bitcoin Did with Peter McCormack Peter McCormack

“We will hit an insolvency in the US at some point…we’re nowhere near as the naysayers think we are, now that said, it could happen tomorrow because the financial system is that unstable.”— Caitlin Long
Caitlin Long is the Founder and CEO of Custodia bank. In this interview, we discuss the financial system's instability, the impact of COVID-19, and the role of the Federal Reserve. We talk about the different types of banks, the stability of the banking system, the history of debt reduction by US presidents and the role of interest rates. The podcast also covers the power of federal bank regulators, the divide among Americans on various social issues and the potential of Bitcoin.
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The COVID-19 pandemic has undeniably shaken the financial world. The Federal Reserve played a crucial role in stabilizing the banking system during this period. As with many other central banks, the Fed printed large amounts of money. However, we are still dealing with the serious consequences of the measures taken: high inflation has been generated, long-term treasuries have seen historic sell-offs, and there are concerns over the impact on the US Dollar.
In this podcast with the Wall Street veteran Caitlin Long, we discuss the banking system in the wake of the unprecedented economic events that occurred as a result of the pandemic. We cover the significance of the separation of banking and commerce, and the differentiation between community banks, regional banks, and global systemically important banks. Caitlin explains the interplay between counterparty credit risk, bank runs and banking insolvency.
We discuss the price of borrowing money, which Caitlin views as being the most important price in the economy. It determines how capital is allocated across time and industries. However, A good price of capital is hard to determine, and this price is often manipulated. Further, there has been a recent shift in focus from making money to wealth preservation in light of the devastating effects of inflation on people's lives, which materially affects capital markets.
We also cover Caitlin’s firm Custodia Bank and their Bitcoin custody platform. Despite concerns about the banking system, Caitlin explains that she is building a bank because she believes traditional finance and Bitcoin need to coexist. She discusses the need for a bridge between the two systems to ensure they don't harm each other, whilst marrying their respective attributes: the strong customer protections that come from being a bank with the best form of money.
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This episode’s sponsors:Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is hereLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultUnchained - Secure your bitcoin with confidenceOrange Pill App - Stack friends who stack satsSwan Bitcoin - Invest in Bitcoin with Swan-----
WBD743 - Show Notes
-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

“There’s so much more to happen in Bitcoin mining tech that we’re only really starting to scratch the surface I think.”— Steve Barbour
Steve Barbour is the president of the Bitcoin mining infrastructure company Upstream Data. In this interview, we discuss the intricacies of Bitcoin mining, the potential of off-grid Bitcoin mining for oil companies and the growing economic importance of Bitcoin mining. We also talk about the potential of integrating Bitcoin mining with power generation, the geopolitical implications of the shift in Bitcoin mining dominance from China to the US and the future of this sector.
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As the President of Upstream Data, Steve Barbour’s company specialises in building off-grid Bitcoin mining operations for the oil and gas industry looking to utilise otherwise flared or vented methane emissions. The company started by mining Bitcoin itself, but they have now shifted its focus to selling equipment and services to other companies and individuals interested in self-mining.
The podcast covers a wide range of topics, beginning with the intricacies of Bitcoin mining economics. Steve explains the importance of the swings in hash rate and the hash price and the importance of forecasting for making sound business decisions.
We also delve into the ongoing battle between two subsets of the Bitcoin economy: merchants and miners. While merchants prefer low fees to avoid congestion, miners favour high fees for increased revenue. The role of custodians in the Bitcoin ecosystem is also a critical topic: the importance of self-custody and holding your own keys is clear, but it is also recognized that not everyone will be able to achieve this.
We discussed the importance of building a good reputation in the international mining industry. Upstream Data is also concerned about domestic issues as a Canadian company. We therefore talked about the challenges and frustrations faced by Canada, a resource-rich country that should be wealthy but isn't due to various factors. Steve set out his thoughts on the potential for change within the country.
Finally, Steve set out his view on the future of Bitcoin mining and the important voice miners have in the Bitcoin community. There are potential technology advancements that could impact Bitcoin mining, including material science improvements for semiconductors, which could lead to improved efficiency and new applications.
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This episode’s sponsors:Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is hereLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultUnchained - Secure your bitcoin with confidenceOrange Pill App - Stack friends who stack sats-----
WBD742 - Show Notes
-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

“We have freedom of expression, but if the government then can punish you by shutting down your bank accounts without even charging you with a crime, they have the ultimate power to turn us into slaves.”— Robert F. Kennedy Jr.
Robert F. Kennedy Jr. is a 2024 US presidential candidate. In this interview, we discuss his decision to run independently, his plans to unify the country, and his concerns about the media's role in fueling division. Kennedy discusses the fairness doctrine, the chronic disease epidemic, and the state of the country. We also talk about concerns regarding CBDCs and the potential dangers of AI technologies.
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The Kennedy’s are one of the most significant political families in the history of the United States. Robert F. Kennedy Jr. is the latest in a long line of influential public figures coming from this unique dynasty. Following in the footsteps of his father and uncles, RFK Jr. aspires to run for high office. The podcast starts by discussing his decision to run as an independent presidential candidate, which he feels has enabled him to engage with a broader range of constituents.
RFK Jr. set out his plans to unify the country by addressing the pervasive dishonesty by institutions that were once trustworthy. RFK Jr. shares the concerns of his father that the country has become a military-industrial complex, eroding democracy and leading to a corrupt merger of state and corporate power. RFK Jr. evokes his father's success in uniting people during a similarly divided time in the late 1960s by focusing on common values.
Our conversation also covers the influence of the media, particularly in the context of the repeal of the fairness doctrine in the late 1980’s. RKF Jr. believes that this event had a detrimental impact on the state of the country and the media's role in it: the doctrine was put in place to ensure a well-educated public and prevent the control of media by a single entity; its repeal led to media consolidation and the loss of impartial news reporting.
This conversation with RFK Jr. was a deep dive into the mind of a man who is not afraid to challenge the status quo and speak his truth. His commitment to honesty, unity, and the preservation of freedom is a refreshing perspective in today's political landscape.
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This episode’s sponsors:Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is hereLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultUnchained - Secure your bitcoin with confidenceOrange Pill App - Stack friends who stack sats-----
WBD741 - Show Notes
-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

“Freedom to code, freedom for financial self-reliance, and most importantly freedom to innovate free from regulatory overreach.”— Vivek Ramaswamy
Vivek Ramaswamy is a 2024 US presidential candidate. In this interview, we discuss Vivek’s decision to run for president, his experiences in the corporate world and his belief in American ideals like free speech and meritocracy. Vivek outlines his plans to reduce government size, address national debt and protect individual wealth. We also talk about the importance of constitutional principles and why he may be the most pro-Bitcoin candidate in American history.
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Vivek Ramaswamy has had a massive impact on the Republican primaries. A relative novice in a field of candidates dominated by Republican big hitters like DeSantis, Haley, Christie and Pence, Vivek has rapidly taken his place amongst the leading contenders for the Republican presidential nomination with a largely self-funded campaign. In some polls, Vivek has placed second behind Trump.
A former biotech CEO, Vivek has decided to enter politics as a means to drive change. He states this decision came after witnessing a suffocating environment in corporate America. Vivek's journey into politics is not a conventional one. He is not a career politician, nor does he come from a high-profile business background. Instead, he believes he is an outsider with a unique set of attributes who can offer a viable alternative to the status quo.
We discuss his belief that a strand of progressivism has been weaponized as a deflection tool by those in power to avoid accountability for their failures. Vivek emphasises that his critique of “woke” ideology is not specifically directed at the left, but is based on a reaction to the dangers posed by the merger of state, corporate, and institutional power. All the while, the critical issues being faced by the country, such as drug addiction and the neglect of cities, continue to exacerbate.
Vivek outlines his plan to reduce the size of the federal government by 75% and suggests that the US president has the power to do so on day one. He believes in zero-based budgeting and illustrates the need to reassess the necessity of each budget item from the ground up. He also criticises the trillions of dollars spent on foreign wars and proposes a policy of not providing foreign aid to countries with lower national debt per capita than the United States.
We also discuss the importance of protecting individual wealth and Vivek’s advocacy for Bitcoin. His comprehensive crypto policy includes restoring constitutional principles such as protecting the freedom to code, financial self-reliance and the freedom to innovate. And, for a community where signal is everything, it’s important to note that he’s the first Republican politician to enable Bitcoin lightning donations, and he could also be the first-ever presidential candidate to own Bitcoin.
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This episode’s sponsors:Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is hereLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultUnchained - Secure your bitcoin with confidenceOrange Pill App - Stack friends who stack sats-----
WBD740 - Show Notes
-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options

“Maybe he can try to remove subsidies, maybe he can remove labour market regulations... maybe he can lower the taxes and lower the spending. Fundamentally as a libertarian you want to lower the spending, lower the size of the state, lower the taxes, get out of the way.”— Stephan Livera
Stephan Livera is the host of the Stephan Livera Podcast, and head of education at Swan Bitcoin. In this interview, we discuss Argentina’s newly elected Libertarian President, Javier Milei. We talk about his policies, dollarisation, abolition of the central bank and whether he can truly tame Argentina's inflation problem.
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A few days ago Javier Milei became the world's first anarcho-capitalist leader after his success in Argentina's recent elections. The win signals a big shift in the country's political ideology and economic ambition. His campaign promised to bring libertarian principles for a nation tired of economic troubles & ready for change.
Milei ran his campaign on defunding and dismantling government bureaucracies, abolition of the central bank, and a mass privatisation of state enterprises and dollarization, in an attempt to stabilise Argentina's chronic high-inflation. While these are radical changes, radical may be exactly what Argentina needs and he struck a chord with voters desperate for a departure from perpetual economic crises.
As perhaps the most well-known libertarian politician since Ron Paul, all eyes will be on Milei over the next four years. Can he bring economic stability to Argentina? Will he be able to navigate the political structures without becoming corrupted? Will he really follow through on dismantling the government? And, will this usher in a new wave of Libertarian politicians across the world?
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This episode’s sponsors:Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is hereLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultUnchained - Secure your bitcoin with confidenceOrange Pill App - Stack friends who stack sats-----
WBD739 - Show Notes
-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

“I see us going to $100,000 by the end of next year, easy…and that’s ignoring a Bitcoin spot ETF; that is a complete game changer.”— Steve McClurg
Steven McClurg is a Co-Founder of Valkyrie Investments. In this interview, we discuss the North American Bitcoin Summit, speculation about SEC approval of Bitcoin ETFs, and the potential advantages of having the first approved ETF. The conversation also covers the US government's debt and its effect on the economy, the concept of inflation and its potential impact, the influence of BlackRock and state involvement in Bitcoin, and future Bitcoin adoption.
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One of the hot topics at the North American Bitcoin Summit was the speculation surrounding the approval of Bitcoin ETFs by the SEC. I was fortunate to be able to have a new interview with Valkyrie Investments CIO Steven McClurg, who provided insight into the SEC's decision-making process, how the SEC will likely batch the approval of ETFs, the role of BlackRock in changing the SEC's stance, and the impact of the speculation on Bitcoin’s price.
Our conversation moved on to cover the US government's debt and its impact on the economy. The elephant in the room is the increasing pressure debt servicing applies to the US government finances, particularly in the wake of interest rate rises. Steve focused on the concern that the government seems to have little political incentives to solve the debt problem, as politicians are focused on getting reelected rather than addressing long-term issues.
We discussed the compounding effect of inflation, and how even a small increase in inflation can have significant consequences over time. The rising costs of groceries, fuel, and housing, are materially affecting people's ability to invest and save. Whilst we are veterans of believing Bitcoin provides financial protection, it seems like prominent financiers such as Larry Fink, BlackRock’s CEO, are also considering Bitcoin as a solution to the current economic situation.
The podcast concluded with a discussion on the potential for government investment in Bitcoin. We speculated on the amount of Bitcoin owned by El Salvador and its potential value. We touched on the seizure of Bitcoin by US police and how the government has dealt with these seizures. Finally, Steve and I talked about whether other countries are likely to be acquiring Bitcoin. It may be very soon that all countries realise that they don’t have enough!
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This episode’s sponsors:Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is hereLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultUnchained - Secure your bitcoin with confidenceOrange Pill App - Stack friends who stack sats-----
WBD738 - Show Notes
-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.